XRPI vs. CBOO

Last updated Jun 26, 2026

XRPI (Volatility Shares XRP ETF) and CBOO (Calamos Bitcoin Structured Alt Protection ETF - October) are both exchange-traded funds - XRPI is a Cryptocurrency fund actively managed by Volatility Shares, while CBOO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. A 0.65 correlation means they provide meaningful diversification when combined. XRPI charges 0.94%/yr vs 0.69%/yr for CBOO.

Performance

XRPI vs. CBOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Volatility Shares XRP ETF (XRPI) and Calamos Bitcoin Structured Alt Protection ETF - October (CBOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XRPI achieves a -45.56% return, which is significantly lower than CBOO's 0.12% return.

XRPI

• 1D: -2.57%
• 1M: -23.08%
• YTD: -45.56%
• 6M: -46.34%
• 1Y: -59.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOO

• 1D: 0.04%
• 1M: 0.12%
• YTD: 0.12%
• 6M: 0.23%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

XRPI vs. CBOO - Yearly Performance Comparison

	2026 (YTD)	2025
XRPI Volatility Shares XRP ETF	-45.56%	-41.59%
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.12%	-1.66%

Correlation

The correlation between XRPI and CBOO is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025	0.65

Return for Risk

XRPI vs. CBOO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XRPI

XRPI Risk / Return Rank: 3
XRPI Sharpe Ratio Rank: 3
XRPI Sortino Ratio Rank: 3
XRPI Omega Ratio Rank: 3
XRPI Calmar Ratio Rank: 3
XRPI Martin Ratio Rank: 4

CBOO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

XRPI vs. CBOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Shares XRP ETF (XRPI) and Calamos Bitcoin Structured Alt Protection ETF - October (CBOO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	XRPI	CBOO	Difference
Sharpe ratio: Return per unit of total volatility	-0.78	—	—
Sortino ratio: Return per unit of downside risk	-1.18	—	—
Omega ratio: Gain probability vs. loss probability	0.87	—	—
Calmar ratio: Return relative to maximum drawdown	-0.79	—	—
Martin ratio: Return relative to average drawdown	-1.20	—	—

Drawdowns

XRPI vs. CBOO - Drawdown Comparison

The maximum XRPI drawdown since its inception was -74.60%, which is greater than CBOO's maximum drawdown of -2.34%. Use the drawdown chart below to compare losses from any high point for XRPI and CBOO.

Drawdown Indicators

	XRPI	CBOO	Difference
Max Drawdown Largest peak-to-trough decline	-74.60%	-2.34%	-72.26%
Max Drawdown (1Y) Largest decline over 1 year	-74.60%	—	—
Current Drawdown Current decline from peak	-74.60%	-1.56%	-73.04%
Average Drawdown Average peak-to-trough decline	-41.42%	-1.60%	-39.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	49.30%	—	—

Volatility

Volatility by Period

	XRPI	CBOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.74%	—	—
Volatility (6M) Calculated over the trailing 6-month period	52.89%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	76.24%	2.06%	+74.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	75.51%	2.06%	+73.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	75.51%	2.06%	+73.45%

XRPI vs. CBOO - Expense Ratio Comparison

XRPI has a 0.94% expense ratio, which is higher than CBOO's 0.69% expense ratio.

Dividends

XRPI vs. CBOO - Dividend Comparison

XRPI's dividend yield for the trailing twelve months is around 4.56%, more than CBOO's 0.57% yield.

Position	TTM	2025
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.57%	0.57%
XRPI Volatility Shares XRP ETF	4.56%	1.54%

Frequently Asked Questions

Can I hold both XRPI and CBOO in my portfolio?

XRPI and CBOO have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XRPI or CBOO?

On fees, CBOO is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XRPI or CBOO?

CBOO is cheaper with a 0.69% expense ratio, compared with 0.94% for XRPI.

Which ETF pays a higher dividend yield, XRPI or CBOO?

XRPI has the higher dividend yield at 4.56%, compared with 0.57% for CBOO.

What is the main difference between XRPI and CBOO?

XRPI is categorized as Cryptocurrency, while CBOO is Defined Outcome. They also come from different issuers: Volatility Shares and Calamos. Their fees differ too: 0.94% for XRPI and 0.69% for CBOO.